# Insta Capital Private Limited & Richbond Capital Private Limited vs. Shubh Food Industries Limited

> NCLT judgment dated 2026-10-06. Citation: TCN-2026-NCLT-01111. Insta Capital Private Limited (FC No. 1) and Richbond Capital Private Limited (FC No. 2)…

- **Court:** NCLT
- **Order date:** 6 Oct 2026
- **Citation:** TCN-2026-NCLT-01111
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/richbond-capital-private-limited-ov77u

## Summary

### Background

Insta Capital Private Limited (FC No. 1) and Richbond Capital Private Limited (FC No. 2) jointly filed a petition under Section 7 of the IBC, 2016, to initiate CIRP against Shubh Food Industries Limited (Corporate Debtor) for a total default amount of Rs. 1,13,65,718/-. FC No. 1 provided a Working Capital Demand Loan of INR 72,00,000/-, disbursing INR 50,86,080/- after deductions. FC No. 2 provided two short-term loans (TL-1 for INR 80,00,000/- and TL-2 for INR 60,00,000/-), disbursing INR 59,85,430/- and INR 42,14,130/- respectively after deductions. The Corporate Debtor defaulted on repayments to both FCs, leading to recall notices. The Corporate Debtor disputed the claims, alleging unstamped documents, misrepresentation of terms, coercive practices, violations of

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## Facts

C.P. (IB) No. 69/MB/2026 was jointly filed on 22.01.2026 by Insta Capital Private Limited (FC No. 1) and Richbond Capital Private Limited (FC No. 2) under Section 7 of IBC, 2016, for initiating CIRP against Shubh Food Industries Limited (Corporate Debtor).

The application was affirmed by Mr. Vivek A. Bajaj, authorised signatory for both applicants.

The total amount claimed in default is Rs. 1,13,65,718/-.

The date of default is stated as 02.12.2025.

Mr. Rajeev Mannadiar was proposed as the Interim Resolution Professional (IRP).

FC No. 1 sanctioned a Working Capital Demand Loan of INR 72,00,000/- to the Corporate Debtor via a Sanction Letter dated 06.11.2024, with an interest rate of 2.25% per month and overdue interest at 0.15% per day.

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## Issues and analysis

### Issue 1: Whether the Company Petition (IB) No. 69 (MB) OF 2026 is maintainable at the threshold, considering …

**Ratio:** Section 7(1) of the IBC allows a financial creditor (individually or jointly) to initiate

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**Reasoning:** The Tribunal found that the aggregate default amount of ₹1,13,65,718/- across all

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**Interpretation:** The Tribunal interpreted Section 7(1) broadly, allowing joint applications by

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**Application:** The Tribunal applied this interpretation to the present case, concluding that

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Insta Capital…; Richbond Capital…
- **Respondents:** Shubh Food…
- **Other parties:** Gaurav Harish…; Neetu Bhupendra…; +3 more
- **Advocates:** Vaidehi Ku…; (CA) Ms. Pooja…

## Timeline

- **2024-11-04 — Loan Application by…**: Corporate Debtor approached Financial Creditor No. 1 for grant of Working Capital Loan.…
- **2024-11-06 — Sanction of Working…**: Financial Creditor No. 1 sanctioned a 'Working Capital Demand Loan' of INR 72,00,000/- to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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